Rethinking Housing Bubbles: The Role of Household and Bank Balance Sheets in Modeling Economic Cycles - Rilegato

Gjerstad, Steven D.; Smith, Vernon L.

Rilegato

ISBN 10: 0521198097 ISBN 13: 9780521198097

Casa editrice: Cambridge University Press, 2014

Riassunto

In this highly original piece of work, Steven D. Gjerstad and Nobel Laureate Vernon L. Smith analyze the role of housing and its associated mortgage financing as a key element of economic cycles. The authors combine data from both laboratory and real markets to provide insight into the bubble propensity of real-world economic actors and use novel historical analysis on the Great Recession, the Great Depression, and all of the post-World War II recessions to establish the critical roles of housing, private-capital investment, and household and private institutional balance sheets in economic cycles. They develop a model that incorporates household balance sheets and bank balance sheets and offers insights based on this analysis concerning policy going forward, effectively changing the way economists think about economic cycles.

Su questo libro

Recensione:

'This book was a pleasure to read and is highly recommended to anyone interested in financial-economic crises. It offers many intuitive stories of potential causes of the crisis, particularly the pivotal role of the housing market with historical data from the Great Recession, the Great Depression, earlier US recessions and crises in other countries, all nicely illustrated by clear time series plots and graphs and backed up by tables. The book also offers stimulating ideas for behavioral agent-based modeling of the crisis supported by insights and data from laboratory experiments.' Cars Hommes, Journal of Economic Psychology

Descrizione del libro:

In this highly original piece of work, Steven D. Gjerstad and Nobel Laureate Vernon L. Smith combine data from both laboratory and real markets and use novel historical analysis on economic events going back to the Great Depression to establish the critical roles of household and bank balance sheets in economic cycles.

Su questa edizione

• Editore: Cambridge University Press
• Data di pubblicazione: 2014
• ISBN 10: 0521198097
• ISBN 13: 9780521198097
• Rilegatura: Copertina rigida
• Numero di pagine: 304